NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Wednesday, April 2, 2014

For effective take-off and maximisation of microinsurance opportunity in Nigeria following the release of operational guidelines by the National Insurance Commission (NAICOM), operators must work on claims processing time for the project to succeed.

This is important in building trust and confidence among consumers, whose level of patience, knowledge is low, but vulnerability given their unique characteristics.

The stakeholders who gathered at a Half-Day presentation on “Microinsurance Learning and Knowledge (MILK)” project organised by the Nigerian Insurers Association (NIA) in collaboration with Microinsurance Centre identified the importance of ‘timely response’ to needs of consumers particularly in the area of claims.